UK-based banking technology vendor Misys has established two new businesses which will focus on software solutions for the global asset management and securities trading markets.
The new businesses, Misys Asset Management Systems and Misys Securities Trading Systems, have been formed from ACT Financial Systems and the securities trading business of Misys International Banking Systems. The new businesses will each employ approximately 300 people and claim to be among the largest companies operating in their respective sectors worldwide.
In the last financial year, revenues from Misys’ operations in the asset management and securities trading sectors accounted for approximately 20% of the banking and securities division’s revenues of £349 million.
The announcement follows the re-branding of Midas-Kapiti International into Misys International Banking Systems on 1 October 2001. The banking and securities division now has three businesses operating under the Misys name and representing over 75% of the division’s revenues.
Kevin Lomax, Misys Chairman, says: "All of these changes are aimed at strengthening Misys’ position in the global banking and securities marketplace as well as increasing our focus on the different segments which make up this huge vertical market."
The business and technology requirements of each of these markets are different and need sector-specific strategies and skills to compete effectively he says.